The unified communications (UC) market size is forecast to hit $96 billion by 2023, and videoconferencing is one of the major drivers.
The videoconferencing market in general is forecast to expand at a CAGR of 8.5 percent through 2023. This is largely driven by the growing globalization of business organizations, coupled by the need for scalable communication methods. The increasing need to lower operational costs and effectively manage a global supply chain is another significant factor driving the global video conferencing market. In addition to corporate enterprises, increasing adoption of videoconferencing services in the public sector and healthcare verticals is further expected to drive the growth of the market during the coming years.
The highest growth rates will be seen in the managed and cloud-based video conferencing, thanks to an industry-wide shift from hardware-based to software-based solutions and a rising need to curtail infrastructure expenditure.
This thirst for video conferencing is driving UC’s market share as businesses of all sizes look to capture increased productivity, reduced cost and improved facility. The enterprise segment accounted for 60% of the overall UC market share last year, and is expected to be a significant adopter of video conferencing services going forward.
Increasingly, UCaaS and the ability to access cloud-based and managed video conferencing via mobile devices—on-demand, anytime, anywhere, with a minimum of set-up—is a key aspect to the growth. The surging bring-your-own-device (BYOD) market alone is expected to exceed $365 billion by 2023, and the UCaaS market is expected to grow at a CAGR of 16.4 percent through 2023, owing to cloud-based central management systems which cut down on infrastructure costs.
Star2Star’s videoconferencing solution dovetails with all of these trends. Up to 12 users can join a real-time StarVideo™ conference with audio, and additional participants can join the conference in audio-only mode. It’s robust, interactive, and simple to operate. To initiate a conference, an organizer selects the users to invite to the conference using a favorite list or by searching in the company directory (external, non Star2Star users can be invited too). Invited users will receive an on-screen notification, letting them know they’ve been invited to participate. When a user accepts the video invitation, the system will provide a list of audio options, including the user’s office phone, cell phone, StarPhone and any other extensions or dial in that user chooses.
Given the stats, the message is clear: With businesses adopting video conferencing in ever-greater numbers, now is the time to establish your own strategy.